Calgary Alberta based Trican Well Service is buying rival Canyon Services Group in a pattern of consolidation within the oil patch as crude now seems to stabilize at half 50% of it's peak value in 2014.
Trican has agreed to acquire all of the issued and outstanding common shares of Canyon on the basis of 1.70 common shares of Trican for each outstanding Canyon Share.
"This combination with Canyon will create a Western Canadian based leading energy services firm that has the asset base, efficient cost structure and financial capacity to create value for all of our combined stakeholders," said Dale Dusterhoft, Trican's President and Chief Executive Officer. "We have always held Canyon in very high regard and look forward to welcoming the Canyon employees to the Trican family. Our companies have a shared base of values and an alignment on our commitment to safety, service, technology and operational excellence."
Dusterhoft concluded, "We expect the Transaction to be significantly accretive to cash flow as the integration is completed in 2018. As we look at our businesses today, both companies' available horsepower is fully committed and we have increased visibility on strong activity through the third and fourth quarters of 2017
While it is unclear as to the impact this may have on hiring, the companies are looking to achieve "continued increases to job size and horsepower per job".
The following are jobs listed as available on the Trican website careers section:
- Cement Operator – Whitecourt
- Fracturing Operator - Red Deer
- Mechanic Shop Foreman – Estevan
- Journeyman Heavy Duty Mechanic – Estevan
- Tax Analyst - Calgary